Bryant, NEIT earn top marks for financial responsibility

ALL LOCAL PRIVATE UNIVERSITIES have earned passing marks in the yearly U.S. Education Department's financial responsibility test, published March 7 by The Chronicle of Higher Education.
ALL LOCAL PRIVATE UNIVERSITIES have earned passing marks in the yearly U.S. Education Department's financial responsibility test, published March 7 by The Chronicle of Higher Education.

PROVIDENCE – Bryant University and New England Institute of Technology have earned top scores on the U.S. Education Department’s financial responsibility test of private colleges, rating 3 on a scale of -1 to 3.

The rest of the local field of private institutions scored between 2.3 and 2.9, above the 1.5 threshold the department sets requiring special financial controls and reporting requirements. The next two highest-scoring institutions, each with a score of 2.9, were Johnson & Wales and Providence College. Rhode Island School of Design scored a 2.8.

The report covers the 2014 and 2015 fiscal years and was released March 7.

An analysis of the report by the Chronicle of Higher Education shows 177 institutions nationwide have fallen below the 1.5 threshold, 18 more than in the previous year.

- Advertisement -

Among the factors considered in the score are whether the institution has sufficient financial reserves and whether the school is current in its debt payments. Some higher education groups have criticized the department’s methodology in determining the score.

One criticism, according to the Association of Governing Boards, is that precipitous declines in endowment values due to market forces unfairly penalize otherwise fiscally sound institutions.

The complete list of local private institutions’ scores, from -1 to 3, with 3 being the best score:

  • New England Institute of Technology, East Greenwich, 3.0
  • Bryant University, Smithfield, 3.0
  • Johnson & Wales University, Providence, 2.9
  • Providence College, Providence, 2.9
  • Rhode Island School of Design, Providence, 2.8
  • Roger Williams University, Bristol, 2.5
  • Salve Regina University, Newport, 2.7
  • Brown University, Providence, 2.5
  • Wheaton College, Norton, 2.4
  • Stonehill College, Easton, 2.3

No posts to display